The Bermuda Monetary Authority (BMA) has announced the appointment of Brad Erickson to the newly-created position of chief operating officer (COO) with immediate effect.

The BMA said the creation of the new post will help to maintain a high level of efficiency and effectively deploy its growing resources.

Mr. Erickson, who was previously the chief financial officer and a main board director at The Ansbacher Group in London, the international private banking arm of Qatar National Bank, will be focused on directing the operations of the support functions within the Authority and assisting in the strategic development of the organisation going forward. Jeremy Cox, CEO of the BMA, said: "We are delighted Brad has joined the Authority as our COO. The Authority has grown tremendously in just a short period as we equip ourselves appropriately to address the expectations of the international regulatory environment and the Bermuda market.

"The COO position facilitates even greater focus being placed on our own risk management, resourcing and corporate governance operations. "

Mr. Erickson said: "The Authority, in common with financial regulators worldwide, is facing a period of intense change in response to a dynamic and consistently evolving regulatory environment.

"I am very pleased to be joining the organisation at this critical time in its development. I look forward to working with the CEO, senior management team and staff of the Authority as we take the organisation from strength to strength."

Mr. Erickson is a Chartered Accountant with 22 years experience in industry, the last 14 of which were gained in senior executive positions in the UK and North America.

He was with the Ansbacher Group from 1994 to 2007 in a series of roles, including group operations director, also working with them in the Cayman Islands. Prior to joining the Authority he was a principal of Greymor Strategies Inc., a strategic consulting firm providing advice to international companies. He began his professional career at KPMG providing auditing services in Canada and the Caribbean.